Here are the latest details of Penn State's planned four-year,, $700 million renovation of Beaver Stadium.
Penn State's Board of Trustees on Tuesday approved the planned $700 million renovation of Beaver Stadium, which officials said would address $200 million in necessary repairs, generate new revenue streams and upgrade the nation's second-largest stadium into a year-round destination. After 100 minutes of public deliberation, and two years of planning, the board voted 26-2 to take the next step toward Beaver Stadium's future.
"We have stress-tested multiple scenarios within the renovation ," Thorndike said in an interview. "We are sure that we have enough revenue sources, both from the athletics budget but also from the new incremental revenues, to ensure that we could pay back as much as $700 million, even though that's not what we're intending."for design and initial maintenance.
In addition, Penn State plans a significant overhaul of the stadium's West side to include club seats, loge boxes, and premium suites, including executive and Founder's suites. Further, Penn State plans to build a "Welcome Center" on the stadium's West side that will act as a "front-door" experience to the university.
Kraft, who became Penn State's athletic director in 2022, said the Beaver Stadium renovation has been a two-year project within the university and outside stakeholders. Penn State hired Populous, a Kansas City-based architectural firm, to oversee the project. Kraft told the board that Beaver Stadium would be "one of the only multi-use entertainment facilities at this scale between Philadelphia and Pittsburgh.
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